Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, inclusive of related party (in thousands):

		Level 1				Level 2				Level 3				Total
		March 31, 2026
		Level 1				Level 2				Level 3				Total
Assets:
Money market funds		$	35			$	-			$	-			$	35
Bitcoin			66				-				-				66
Total assets, at fair value		$	101			$	-			$	-			$	101
Liabilities:
Business Combination Warrants		$	-			$	-			$	46			$	46
PIPE Warrants			-				-				9				9
SEPA put option liability			-				-				74				74
Total liabilities, at fair value		$	-			$	-			$	129			$	129

		Level 1				Level 2				Level 3				Total
		December 31, 2025
		Level 1				Level 2				Level 3				Total
Assets:
Money market funds		$	35			$	-			$	-			$	35
Bitcoin			506				-				-				506
Total assets, at fair value		$	541			$	-			$	-			$	541
Liabilities:
Business Combination Warrants		$	-			$	-			$	60			$	60
PIPE Warrants			-				-				11				11
SEPA put option liability			-				-				186				186
Total liabilities, at fair value		$	-			$	-			$	257			$	257

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, inclusive of related party (in thousands):

		Level 1				Level 2				Level 3				Total
		December 31, 2025
		Level 1				Level 2				Level 3				Total
Assets:
Money market funds		$	35			$	-			$	-			$	35
Bitcoin			506				-				-				506
Total assets, at fair value		$	541			$	-			$	-			$	541
Liabilities:
Business Combination Warrants		$	-			$	-			$	60			$	60
PIPE Warrants			-				-				11				11
SEPA put option liability			-				-				186				186
Total liabilities, at fair value		$	-			$	-			$	257			$	257

		Level 1				Level 2				Level 3				Total
		December 31, 2024
		Level 1				Level 2				Level 3				Total
Assets:
Bitcoin		$	2,849			$	-			$	-			$	2,849
Total assets, at fair value		$	2,849			$	-			$	-			$	2,849
Liabilities:
Business Combination Warrants		$	-			$	-			$	12			$	12
PIPE Warrants			-				-				3				3
PIPE Notes			-				-				1,734				1,734
Yorkville Note			-				-				1,718				1,718
SEPA put option liability			-				-				434				434
Total liabilities, at fair value		$	-			$	-			$	3,901			$	3,901

Schedule of Warrants and Notes Measured at Fair Value

The following table presents the changes in the Business Combination Warrants and PIPE Warrants measured at fair value during the three months ended March 31, 2026 (in thousands):

		Business Combination Warrants				PIPE Warrants
Balance, December 31, 2025		$	60			$	11
Changes in fair value			(14	)			(2	)
Cash repayment			-				(262	)
Conversions to Common Stock			-				67
Balance, March 31, 2026		$	46			$	9

The following table presents the changes in the SEPA derivative liabilities measured at fair value during the three months ended March 31, 2026 (in thousands):

		SEPA Put Option Liability				SEPA Forward Option Liability
Balance, December 31, 2025		$	186			$	-
Changes in fair value			(112	)			(67	)
Conversions to Common Stock			-				67
Balance, March 31, 2026		$	74			$	-

The following table presents the changes in the PIPE Notes and Yorkville Note measured at fair value during the year ended December 31, 2025 (in thousands):

		PIPE Notes				Yorkville Note
Balance, December 31, 2024		$	1,734			$	1,718
Conversions to Common Stock (1)			(513	)			(1,392	)
Cash repayment			-				(262	)
Changes in fair value			(1,221	)			(64	)
Balance, December 31, 2025		$	-			$	-

The following table presents the changes in the SEPA derivative liabilities measured at fair value during the year ended December 31, 2025 (in thousands):

		SEPA Put Option Liability				SEPA Forward Option Liability
Balance, December 31, 2024		$	434			$	-
Changes in fair value			(248	)			32
Conversions to Common Stock			-				(32	)
Balance, December 31, 2025		$	186			$	-

The following table presents the changes in the Business Combination Warrants and PIPE Warrants measured at fair value during the year ended December 31, 2025 (in thousands):

		Business Combination Warrants				PIPE Warrants
Balance, December 31, 2024		$	12			$	3
Changes in fair value			48				8
Balance, December 31, 2025		$	60			$	11

The following table presents the changes in the SEPA derivative liabilities measured at fair value during the three months ended March 31, 2026 (in thousands):

		SEPA Put Option Liability				SEPA Forward Option Liability
Balance, December 31, 2025		$	186			$	-
Changes in fair value			(112	)			(67	)
Conversions to Common Stock			-				67
Balance, March 31, 2026		$	74			$	-

The following table presents the changes in the PIPE Notes and Yorkville Note measured at fair value during the year ended December 31, 2025 (in thousands):

		PIPE Notes				Yorkville Note
Balance, December 31, 2024		$	1,734			$	1,718
Conversions to Common Stock (1)			(513	)			(1,392	)
Cash repayment			-				(262	)
Changes in fair value			(1,221	)			(64	)
Balance, December 31, 2025		$	-			$	-

The following table presents the changes in the SEPA derivative liabilities measured at fair value during the year ended December 31, 2025 (in thousands):

		SEPA Put Option Liability				SEPA Forward Option Liability
Balance, December 31, 2024		$	434			$	-
Changes in fair value			(248	)			32
Conversions to Common Stock			-				(32	)
Balance, December 31, 2025		$	186			$	-

Schedule of Fair Value Assumptions and Valuation

The Company remeasured the fair value of the Business Combination Warrants and PIPE Warrants at March 31, 2026 using the Black-Scholes option-pricing model with the following assumptions:


		As of March 31, 2026
		PIPE				Business Combination
		Warrants				Warrants
Stock price		$	0.85			$	0.85
Exercise price		$	10.00			$	11.50
Expected volatility			94.9	%			94.9	%
Weighted average risk-free rate			3.8	%			3.8	%
Expected dividend yield			-				-
Warrants measurement input			-				-
Expected term (in years)			2.61				2.61

The Company remeasured the fair value of the Business Combination Warrants and PIPE Warrants at December 31, 2025 using the Black-Scholes option-pricing model with the following assumptions:

		Warrants				Warrants
		As of December 31, 2025
		PIPE				Business Combination
		Warrants				Warrants
Stock price		$	1.10			$	1.10
Exercise price		$	10.00			$	11.50
Expected volatility			85.0	%			85.0	%
Weighted average risk-free rate			3.5	%			3.5	%
Expected dividend yield			0.0	%			0.0	%
Warrants measurement input			0.0	%			0.0	%
Expected term (in years)			2.85				2.85

The estimated fair value of the SEPA put option derivative liability was determined using a Monte Carlo simulation model in order to project the future path of the Company’s stock price over the commitment period with the following assumptions:

		March 31, 2026				December 31, 2025
		As of
		March 31, 2026				December 31, 2025
Term (in years)			0.2				0.5
Starting stock price		$	0.85			$	1.10
Expected volatility			156.7	%			144.0	%
Risk-free rate			3.7	%			3.6	%
Derivative liability			3.7	%			3.6	%

The estimated fair value of the SEPA put option liability was determined using a Monte Carlo simulation model in order to project the future path of the Company’s stock price over the commitment period with the following assumptions:

		2025				2024
		As of December 31,
		2025				2024
Term (in years)			0.5				1.5
Starting stock price		$	1.10			$	1.36
Expected volatility			144.0	%			132.5	%
Risk-free rate			3.6	%			4.2	%
Derivative liability			3.6	%			4.2	%

The Company remeasured the fair value of the Business Combination Warrants and PIPE Warrants at December 31, 2025 using the Black-Scholes option-pricing model with the following assumptions:

		Warrants				Warrants
		As of December 31, 2025
		PIPE				Business Combination
		Warrants				Warrants
Stock price		$	1.10			$	1.10
Exercise price		$	10.00			$	11.50
Expected volatility			85.0	%			85.0	%
Weighted average risk-free rate			3.5	%			3.5	%
Expected dividend yield			0.0	%			0.0	%
Warrants measurement input			0.0	%			0.0	%
Expected term (in years)			2.85				2.85

The Company remeasured the fair value of the Business Combination Warrants and PIPE Warrants at December 31, 2025 using the Black-Scholes option-pricing model with the following assumptions:

		Warrants				Warrants
		As of December 31, 2025
		PIPE				Business Combination
		Warrants				Warrants
Stock price		$	1.10			$	1.10
Exercise price		$	10.00			$	11.50
Expected volatility			85.0	%			85.0	%
Weighted average risk-free rate			3.5	%			3.5	%
Expected dividend yield			0.0	%			0.0	%
Warrants measurement input			0.0	%			0.0	%
Expected term (in years)			2.85				2.85

The estimated fair value of the SEPA put option derivative liability was determined using a Monte Carlo simulation model in order to project the future path of the Company’s stock price over the commitment period with the following assumptions:

		March 31, 2026				December 31, 2025
		As of
		March 31, 2026				December 31, 2025
Term (in years)			0.2				0.5
Starting stock price		$	0.85			$	1.10
Expected volatility			156.7	%			144.0	%
Risk-free rate			3.7	%			3.6	%
Derivative liability			3.7	%			3.6	%

The estimated fair value of the SEPA put option liability was determined using a Monte Carlo simulation model in order to project the future path of the Company’s stock price over the commitment period with the following assumptions:

		2025				2024
		As of December 31,
		2025				2024
Term (in years)			0.5				1.5
Starting stock price		$	1.10			$	1.36
Expected volatility			144.0	%			132.5	%
Risk-free rate			3.6	%			4.2	%
Derivative liability			3.6	%			4.2	%